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Asian Stocks Close Lower, Oil Dips

Traders have concerns about U.S. Treasury's plan to buy $700 billion of bank assets.

Asian stocks closed lower Tuesday, and stocks in Europe were trading lower over worries the U.S. Treasury Department's plan to buy $700 billion of bank assets won't do enough to stabilize financial markets.

Stock futures in the U.S. rose.

The Hang Seng index in Hong Kong closed down about 3.9%, while Shanghai's composite index closed about 1.6% lower. Japanese markets were closed Tuesday.

The FTSE 100 index in London fell 1.4%, while the DAX index in Germany was down 0.6%.

Futures on the

S&P 500

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rose 1.90 points to 1215.70, and were trading 6.61 points above fair value.


futures rose 4.50 points to 1674.25, but were 1.29 points below fair value.

Light, sweet crude for November delivery was sitting at $107.02 a barrel, down $2.35 a barrel in electronic trading on the

New York Mercantile Exchange

. The November contract converts to the front-month spot contract Tuesday.

On Monday, crude oil futures pulled off their greatest one-day price climb. The October contract, which expired Monday, rose as high as $130 a barrel before settling at $120.92, up $16.37.